LUXURY MARKET REPORT
SECOND QUARTER 2016
Aloha and welcome to The Quarterly Luxury Market Report from LIST Sotheby’s International Realty, where we take a closer look at the most recent real estate activity here on Oahu.
For single-family homes in the $2 to $3 million range, sales increased by 68.8% to 27 homes sold, up from 16 last year at this time. Months’ supply of inventory was up, too, increasing 10.1% to 14.4 months for the quarter.
Our report breaks the Oahu luxury home market into four single-family home and two condominium price segments.
Single-family homes priced from $3 to $5 million decreased by 40% compared to last year, with 9 homes sold in Q2 2016 compared to 15 homes in Q2 2015. Months’ supply of inventory decreased by 2.9% to 24.9 months.
Single-family home sales for Q2 2016 priced from $1 to $2 million increased by 6.4% compared to Q2 2015, with 184 homes sold. This price point has 7.8 months’ supply of inventory, an increase of 6.5 percent compared to last year at this time. There remains a good amount of inventory in this price range, and an increase of supply was a mild and not unpleasant surprise for this time of year.
In the second quarter of 2016, 8 homes sold in our top segment of single-family homes at $5 million or higher, including homes in Diamond Head, Hawaii Loa Ridge, Lanikai, Sunset Beach and in Kailua’s Beachside neighborhood, including our own record-breaking sale of $17,375,000 for an incredible home on Kailuana Place.
Before we look at luxury condos, here’s a quick view of Oahu’s overall market for Q2 as reported by the Honolulu Board of REALTORS®. Over the first half of 2016, 1,713 single-family homes were sold on Oahu, up 7.8% compared to last year. The median sales price for single-family homes closed Q2 2016 at $727,000, up 6.1% over Q2 2015. Meanwhile, 2,639 condominiums were sold in Q2 2016, an increase of 10.7%, with the median sales price for condominiums closing Q2 2016 at $385,000, representing a 7.4% increase compared to Q2 2015. In addition, both segments closed the year with less than 3.0 months of inventory. Luxury condo market activity for Q2 2016 was decidedly up compared to CONTINUED ON PAGE 3
FOREIGN INVESTMENT $1 - $2 MILLION
Source: Title Guaranty Hawaii, May 31, 2016
2016
#
$
2015
#
$
2014
#
$
2013
#
$
JAPAN
84
$121,764,366
JAPAN
31
$43,456,250
JAPAN
47
$63,383,000
JAPAN
28
$39,859,700
CANADA
5
$6,929,200
HONG KONG
4
$5,183,725
KOREA
5
$8,050,000
HONG KONG
4
$5,320,000
CHINA
3
$4,740,300
CANADA
4
$4,643,750
CHINA
4
$5,312,566
CHINA
3
$5,120,000
HONG KONG
2
$2,966,800
CHINA
3
$3,795,000
HONG KONG
4
$5,045,600
CANADA
2
$2,601,708
THAILAND
1
$1,748,800
KOREA
2
$2,370,000
CANADA
3
$4,079,000
SINGAPORE
2
$2,460,000
2016
#
$
2015
#
$
2014
#
$
2013
#
$
JAPAN
44
$150,291,381
JAPAN
18
$50,565,500
JAPAN
38
$113,876,299
JAPAN
21
$56,616,300
HONG KONG
3
$10,068,494
CHINA
2
$7,400,000
SINGAPORE
7
$45,290,355
HONG KONG
4
$9,575,000
AUSTRALIA
1
$7,800,000
HONG KONG
3
$7,340,000
CHINA
4
$17,238,890
AUSTRALIA
2
$8,450,000
AUSTRALIA
4
$14,498,800
SINGAPORE
1
$3,300,000
VIRGIN IS.
2
$4,798,600
CANADA
2
$6,183,750
HONG KONG
1
$2,350,000
BRAZIL
1
$3,000,000
$2 MILLION +
All Data from the HiCentral MLS, Ltd. Report © 2016 ShowingTime.
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